Creditors of the collapsed cryptocurrency exchange FTX are poised to receive up to $16.5 billion under a bankruptcy plan approved in the US yesterday.
The agreement will put an end to a saga that started when the firm went bankrupt in November 2022, leaving millions of customers around the world without access to their accounts.
FTX says the deal will allow former customers to recover a sum worth about 119 per cent of what they had in their accounts at the time of bankruptcy.
Last year, former FTX boss Sam Bankman-Fried was convicted of stealing customer funds ahead of the collapse and later sentenced to 25 years in prison.
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